Rolling Meadows, Illinois Bankruptcy Attorney

Bankruptcy Don’ts

When you can no longer make payments on your bills and when your income just isn’t enough, people tend to make mistakes that often lead to more financial stress than necessary. Here are a few bankruptcy don’ts Northwest Suburban Bankruptcy in Rolling Meadows advises against.

Don’t Lie about Assets

Most people filing for bankruptcy protection qualify, but all too often they panic and try to hide assets. This is a bankruptcy don’t. Lying about assets and leaving out income could result in your bankruptcy case being denied, and it may disqualify you from applying for any type of bankruptcy relief in the future.

Don’t Hide Income

Even if you make a certain amount of income from a part-time job, that income needs to be accounted for if you are filing for bankruptcy. You may not think it’s enough to report, but all household income must be included, even if you think the amount is so little that it won’t make a difference—it does.

Don’t Hide Credit Card Information

When working with a bankruptcy attorney, it’s important that you list every credit card lender you have. Credit card companies are informed when you file for bankruptcy, so failing to list a credit card lender can hurt your bankruptcy case. It’s best to list all your credit card information when you file for bankruptcy, and then after bankruptcy you can apply for new credit.

Contact a Rolling Meadows Attorney to Learn More

There are plenty of dos and don’ts in bankruptcy that can help or hurt your bankruptcy case. Know what is required of you before you file for bankruptcy and speak to an experienced bankruptcy lawyer. Contact Northwest Suburban Bankruptcy if you are unsure of the bankruptcy process and would like help. Call our 24 hour answering service at 847-394-3200 to learn more.